S&P 500 Index Snaps Six-Day Rally, Edges In on All-Time Highs


S&P 500 Price Analysis – October 20

On Wednesday, the S&P 500 index opened in the green for the sixth day in a row. The index, which hit an all-time high of 4,551 on September 3, was up 0.25 percent on the day at 4,542 at the time of writing. Risk appetite has increased as a result of positive quarterly earnings.

Key Levels
Resistance Levels: 4650, 4600, 4551
Support Levels: 4500, 4465, 4400
S&P 500 Long term Trend: Bullish
On the daily charts, the bulls have made a positive move away from sideways trade, and the index may try to maintain the breach of the 4500 resistance level. Meanwhile, if the bulls are unable to reclaim control at this point, a retreat towards the next support at 4465 levels is possible.

The longer-term tendency remains cautiously higher, with more resistance visible beyond the all-time high of 4,551 at first, which must be overcome to pave the way for a move towards 5,000 levels. However, we may see a more rigorous evaluation of a cluster of projection levels in the 4551/4600 range and beyond in the future.
S&P 500 Short term Trend: Bullish
During the early American trading session, the S&P 500 rose sharply. At the 4536 levels, the index is trading above the moving average of 5 in an upside channel pattern. The index is expected to rise during the next trading session, according to technical indicators. The 4551 levels could be a potential goal for bulls to break.

The horizontal support at 4500, on the other hand, could act as support for the futures index in this session and the next. If the index surges, it will be supported on the break by the 4 hours moving average of 5 near the 4530 levels, where buyers may re-emerge on such pullbacks.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.